Latent Demand in Product Development

These flashcards cover key concepts about latent demand and its implications in product development, particularly exemplified by Facebook's successful products.

What is latent demand?

Latent demand refers to the unexpressed desire or need for a product that exists among users but has not been fully recognized or catered to by existing products.

How did Facebook MarketPlace capitalize on latent demand?

Facebook MarketPlace capitalized on latent demand by recognizing that 40% of Facebook group posts were related to buying and selling, despite groups not being designed for commerce.

What was a significant observation regarding Facebook dating profiles?

It was observed that 60% of profile views were from people of the opposite gender who were not friends, indicating latent demand for a dating feature.

What is a key principle regarding user behavior and product design?

A key principle is that you can never get people to do something they do not yet do; instead, you find their intent and steer it to help them capitalize on that intent.

How can product development benefit from user 'hacking' of existing features?

Product development can benefit by analyzing how users hack or creatively use existing features and then designing products that cater to those observed behaviors.